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~ The Economics of Downtown Parking July 2007 Page 3 <br /> I <br /> ' 300 to 400 square foot parking space (surface or the first level of a structured parking <br /> facility).2 <br /> • Operations and maintenance. ECO conducted a study of costs for operations and <br /> maintenance for parking in Eugene in 2001 and determined that typical surface parking <br /> required an operations and maintenance cost of between $100 and $200 per year per <br /> space. Typical structured parking required an operations and maintenance cost of <br /> between $250 and $600 per year per space. <br /> REVENUES <br /> In its 2001 study, ECO found that revenues for a typical space in a parking structure were about <br /> $50 per month, or $600 per year. This was enough to cover about one-third of the full cost of <br /> building and operating that new space. For the typical space in a surface lot, the monthly fee was <br /> $35, or $400 per year. This covered about two-thirds of the cost of building and operating that <br /> <br /> ~ space, as the capital and operations and maintenance costs would be lower than for a structured <br /> <br /> ~ parking space. <br /> Multiple sales of the same space could occur in a shared parking situation. If calculated over a <br /> 24-hour period for a full year, a typical suburban parking space is empty over 95% of the time. If <br /> spaces could be used more efficiently, fewer would be needed. One way to use them more <br /> <br /> j efficiently is with shared use. The typical example is a mixed-use district that~has stronger office <br /> use in the daytime and stronger entertainment use (movie theatre, restaurants) in the evening. <br /> Ideally, a downtown area would have some of that pattern. Figure 1 shows parking accumulation <br /> for various types of uses. Figure 1 shows that maximum accumulation of parking for certain <br /> types of uses, such as hotel parking and office parking, occur at different times of the day and <br /> could be candidates for successful shared parking arrangements. <br /> <br /> l <br /> <br /> I <br /> <br /> I <br /> z Leland Consulting Group, "Glenwood Riverfront Development Market Feasibility Analysis,",Draft of June 25, 2007. Leland <br /> interviewed real estate professionals in Eugene and Springfield to determine land values. <br /> ~ ~ <br /> <br />